If youβve taken an online course, or joined a webinar, or even learned a skill through YouTube videos, then you already know what eLearning is. eLearning or online learning is predicted to be the predominant form of learning in the coming future.
The global eLearning market value exceeded 250 billion dollars in 2020 alone. And, it is projected to have a Compound Annual Growth Rate (CAGR) of more than 21% from 2021 to 2027. Subscription-based learning platforms have also seen unprecedented growth post-COVID-19. EdX increased its user base by a shocking 161% YoY in 2020. Other platforms saw similar staggering results.
But, with this kind of expansion come unique challenges that most SMEs and startups in the same industry are ill-equipped to deal with. For streamlining revenue and cashing in on the growth of the eLearning sector, an eLearning subscription management system can change the game.
In this article, we will take a look at goals you can achieve through an eLearning subscription management software, that are essential to keep ahead of the competition.
Prepare for International Payments
Taking your business to a global scale can be challenging. But, with automated subscription management for eLearning, you will be equipped to offer services internationally and collect payments seamlessly.
An international perspective on payment is much more significant for online learning subscription businesses because their targets or goals are rarely local.
Hereβs how these features of an eLearning subscription management software can add value to your business:
1. Multiple currency support
Course catalogues do better if the pricing is offered in multiple currencies. You can tap into both one-time purchases and subscription-based course revenue streams. Additionally, with automated subscription services, you can scale your catalogue and easily launch price changes.
2. Various payment methods
An robust subscription management system would allow for payment collection through multiple options like debit, credit, e-wallets, direct debit, etc. which would potentially help land sales.
3. Gateways from across the globe
Offering multiple and secure avenues for payment allows your company to reach a global market. SubsriptionFlow, for example, integrates with multiple gateways that work in different regions of the world bringing in more customers.
Retain Valuable Customers
While acquiring new customers are important for revenue generation, retaining valuable customers are essential for streamlining revenue.
1. Run Targeted Campaigns
Creating segments within customers can help optimize retention. Develop distinct groups of customers and carry out tailored marketing campaigns to enhance their loyalty. For instance, for customers who are at risk of leaving, provide them with special discounts.
Implement focused campaigns to encourage inactive accounts to resume their engagement by presenting appealing discounts and additional benefits.
2. Reduce Involuntary Churn
Reducing churn is one of the major challenges for a lot of businesses. For example, a subscription management software for education can help reduce delayed payments through smart dunning.
Essentially, schools and educational institutions using your services will be alerted in case of a missed or delayed payment.
Automate Subscription Management and Workflow
Automated billing and invoicing can help increase workflow. Your finance team can focus on more important goals and leave the tedious efforts of invoicing or billing to the eLearning Subscription Management system.
Automating these tasks can result in saving time for your finance teams, ensuring that revenue recognition is compliant with Generally Accepted Accounting Principles (GAAP), and simplifying the reconciliation process. The system will also ensure that you stay up-to-date with tax laws.
Using Analytics to Your Advantage
The success of a subscription-based business is directly linked to comprehending key information about your customers. One of the most revolutionary aspects of subscription management systems is the valuable insights you can utilize through analytics and reporting.
Obtaining detail about business performance entails understanding the customer journey, behaviour, and persona. With intelligent analytics and insights, you can gain valuable insights on:
- Potential revenue
- Revenue losses
- Churn rate
- Annual Recurring Revenue (ARR) and Monthly Recurring Revenue (MRR)
- Refunds
- Chargebacks, and more
Having clear visibility into these metrics helps manage prospects for an eLearning business and facilitates its expansion. By creating effective plans, strategies, and roadmaps for your eLearning business, you can achieve growth and success.
Final Word
Thus, automated subscription management for eLearning is essential to the growing needs and demands of the education sector. Not only will an online learning subscription platform be able to have global reach, but secure multiple revenue streams and ensure efficiency.